Columbia University Libraries Digital Collections: The Real Estate Record

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824 The Real Estate Record. uiilation of honest monej-, and this is whj- we are having such a "booming" market. (,L lu what stocks, Judge, do yon think the '■ IwKuu " will como first .' A. 1 believe in Iron Mountain. I tliink it will go to much lii,:,'lier figure-^. 1 al.so am certain llmt coal sttK'ks are verj- cheap. In 1S7.5 I Lx^k Jay Gould to drive out in nij- carriage at l.ake George. I was much .struck with one re¬ mark he made. 1 was asking him would not tho centt'unial year bring us better times r "AVe will never see better times," said Mr. Gould, •'until the iron interests revives. That the kej- of the situation. AVhenever j-ou hear the country calling for more iron, it will show that the tool making for the use of the com. niunitj- has recommenced, and then we will have a real revival of business." "Now," continued Judge Hutcbings, " 1 b;ive always recalled that remark of Mr. tion Id's, nnd what tlo we see? AVbj- a verj- marvellous development of the iron induct rv. Pig iron has risen Irom eighteen to twonlv-iiine dollars per ton; the orders for rail¬ road iron and steel cannot be lilleil in this countrj' f-!eady .idvancc in lhe coal .stticks. 1,1. Ihit, JudKc, nre iiol the Peiin.sylvaiiia coal ■ •oiujiaiiic^ ovcr;-l(.cke»l'.- Have tbej not got loo tiiticb cvijil land ' .MiLstn't thej' litjuidate ' .\. < >(i' ll<•ll^cllse. The litpiidation of the coal stotk.s will he in the payment of si.x per cent, tiivideiids instead of ten per cent. It consists in their stocks being sold below par instead of twentj- point^s above par. This is what the real depreci- tion will finallj- amount to. [The writer maj' here remark that this conver¬ sation occurred w hen Lackawanna, Delaware & Hudson and Jersej- Central were selling fifteen points below the figures of to-daj'.] Q. AA"hj- do you look for an advance in Iron Mountain : A. AVeil. because of the increase in the iron business in the Missis-sippi A^alley. You know that the Iron Mountain bas a monopoly of the wonderful ore which comes from the Iron Moun¬ tain and Pilot Knob; then the Southern Pacific will soon be in the process of construction. I hear that Tom Scott has surrendered his interests in the Soullurn Pacific read to a .sj-ndicate which controls the Iron Mountain. The road will be built west from Fort AA^orth to El Paso, where it will bo in lhe neighborhood of tho silver mines of Mexico, tho finest in the world. The immense cotton traffic of this j'ear, the trade of southern .and central Texas as well as the iron business will all pour over the lines of the Iron Mountain road, and I would not be surprised to see this stock go to par within a jear. Certainlj' there will be au addition of two million and a half to the receipts of this J-ear compared with last. CJ. You do not think a " bear " campaign would l.ro-^per just now. Judge ? .\. No, indeeil. AVhj-, the public have taken the bit in their mouths; the leaders no longer lend the market. I know a prominent operator, who made monej' iu the " Grangers;" being out of hltick, he thought he would "bear " the mar¬ ket. In olden times he could easilj' do so, but he found, to his surprise, that when be attempted to sell that tho general public were eagerlj' bid¬ ding up the stock and taking it away from him. He lo.-il monej-; he found that he could not "bear "the market in coal stock either. As I '.;nderstaiid ir. Travers and Osborn are both active " bulls." J-et O.sborn made four hundred thmisand dollai-s as a "bear" in the coal stocks after tbei>aiiicof 1S7:; conmienced. He expects to make quite as mnch as a "bull" in the same stocks. I believe the coal stocks are certain to go to par in time, whether a combination is formed or not. CORRESPONDENCE. A GREAT PLEASURE RESORT CALLED FOR. Kli/or Be.m. EsT.xTi: Hkcoho : I judge from the tone of your editorials that you might, perhaps, be willing to discuss a deli¬ cate topic. You seem to realize that New York is destincil to be a great citj-, but have j-ou kept in mind what a great citj-, like London and Paris, necessarilj- involves : A London involves an Albamtiraand a Cremorne Garden; a Paris in¬ volves a Jartlin Mabille anil similar resorts. Is it not better for propertv--holders to look the matter .squarelj- in the "face, and, in.stead of allowing vile, cheap resorts to grow np, to en¬ courage the inauguration of a superb music and dance ball which will be a marvel of beautj- in design and adornment, and which wil -.zndeniablj' be adapted for the strangers who come from all parts of the world, but who do not care to be alwuj's accompanied bj' their wives. The value of such a place is that it strips vice of iiiucii of its evil by oiiliteratlng ail its grossness. Of the mj-riads of men who pass through New York a large portion will cut up capers when away from home; and instead of handing these custom¬ ers of the great citj'over to the keeper.-^ ot vile resorts, where tbey are injured b()<4ily and mentallj', whj' shiiuld New York not take the matter in haml anil give us sutdi insti¬ tutions as will gratifj- .'^eiise without mater¬ iallj' injuring the stranger within our gales : A wise toleraiii-e of a nece.s.sjiry ev better than furtive legal attempts .stop to tho baser sort of miiii.seineiit.s. ing po|iulatioii is an iinmense fact w biili must be constantlj' borne in mind. There aro. iirobablj- ninetj-thousand jiersons who come to and leave our citj- dailj-. A large portion ol these are men awaj' from home and eager for exciteiiient ami amusement, and tho jiroblem is, how shall we deal with them ^ AVhat thej' call amusement and pleasure thej' will have. Tolerance. [VVe doubt the wisdom of even publishing the above letter, for we judge that without news¬ paper discu.ssion the resorts such as our corre¬ spondent describes will inevitablj' be established before the city is much older. It is idle to talk about regulating the social evil in anj' Anglo- Saxon community where the Christian religion obtains. The popular gorge seems to rise against any attempt to legalize or coun¬ tenance social vice. St. Louis made an ex¬ periment of this kind but it ended disastrously. Undoubtedlj', we will in time have music halls and all the accommodations which the pleasure seeker from abroad desires, but there is nothing we can do but di.scountenanco any and everj' at¬ tempt to give legal or social sanction to the indul¬ gence of irregular .sexual passion. It is idle to saj- it would be better to treat this matter in a liberal waj'. It is not a thing to be discussed in a decent paper or among decent people. Our regular places of amusement are generallj' unob¬ jectionable and they afford so much real pleasure aud iu so great a varietj- that it seems tjuito un¬ necessary to countenance other forms of amuse¬ ment which lead directly to vice.—I'Jd. Real Estate Recokd. J OFF AVITH THE NEW, ON AVITH THE OLD. Kditor Real Estate Recoup : Dear Sir—I ordered to discontinue my Rechud with No. (iO'i, on account of expecting to receive nij' subscription to the Kings- Counlii Itcgii^Ur, %vhich came into existence aliout three nionlhs ago, and, from lack of patronage, expired. So please continue mj- subscription, and send mc No. 0(J4 at once. Hoping that nothing will occur again to cause me to sever mj- connection (in the line of a sub.'-cribor) with The Recorp. T am J-oil IS, respectfullj-, W. F. CouwiTii. •'5."i Greenpoint av, Biooklj-n, E. D. LEGAL DECISIONS. contract—WKEX ACCEPT.'^NCE CO.MI'LETE. The English Court of Appeal has determined the following: AVhen an offer in regartl to a purchase is muile bv letter, which expresslj'or impliedly aullior- izes tho sending of an aceeiitance bj' mail, and a letter of acceptjince projierly addressed is mailed in due time. Held, that aithough tbe letter was never re¬ ceived l>j' tbe per.son to whom it was addressed, the contract is notwitb.staniliiig complete. The law proceetls upon the theorj' that the Post Office iu .such a case becomes the agent of botfi parties. An offerer, if he choo.ses, maj- always make the for Illation of the contract whiidi he proposes tlepend- the iiilniil coninitiiiicatioii to himself ptance. .so that until tlie letter of ac (!eptant;e actually reaches him the contract would bo incomplete. .11 Bai.e>. jj„j „j,„„ t,,^, . It IS much „f ^,,g tieceptan to init !i Our float AMERICAN EXCHANGE IN EUROPE. )449 Strand and Offices anp Reaping Rooms > S Adelaide st., ) Charing Cross, LONPON, October S, iST'J. Jiditor Real Estate Recorp : Dear Sir—AA'^e are desired to obtain a co])j' of The Real Estate Recoup for Sept. '20. Please find enclosed 20 cents for account of same, aud forward by first mail. AVe have from time to time entpiiries for j'our papei* from American and other travelers fre¬ quenting our Exchange, and believe that j'ou will find it of advantage to send a copy regularlj' for file in our Reading Rooms. Should j'ou do so, we will be happy to reci])roc{ite bj' placing our services at j-our disposal in any matter j'on may have for attention on this side, and shall also be willing, if j'OU like, to have our name in¬ serted a,s your Ijondon agents. AVe forward by this mail a cojJj' of our Weeld;/ Circular, and awaiting the favor of your early reply, We remain, dear sir, yours trulj', Henry P. Gillig & Co. .N'KW INTEKESr I..VVS -ITS UI'EU.\rlit.\ ANH KKKlCi T. Attorney-G'eueral Schooniiinker has ftirnislied two important opinions in relation to the new in terest law. In the course of one opinion lie sajs: "The intention of the Legislature clearly was to limit the rate of interest to six per cent., bj- indi¬ viduals, lij- corporations, including banks, both State and' natio'nal, and public officers charged with the loaning of monej-, like Loan Commi.s- sioners. The effect of the retluction of interest maj- be injurious to banks. * *; Batiks maj' have no method of supplj'ing the deficiencj', but these results, it must be assumed, were not overlooked bj' the Legislature. Bj' the lastsfection of the interest act, no part of its pro¬ vision takes effect until the 1st daj- of Janunrj-, ISSO. All contracts, therefore, made prior to the 1st day of Januarj- maj- provide for seven per eent. interest, and will not be affected bj' the act. The act only applies to contracts made on and after the 1st of Januarj'. It can have no retro¬ spective effect, nor impair the obligation of anj' contract made prior to that date. Nor in my opinion does the act affect the vari¬ ous stiitutes in relation to usuiy. Thej' remain ill full force in respect to the reduced rate of in¬ terest fixeil by the new law.' All the provisions of those statutes are, bj' their terms, as applica¬ ble to violations of the six per cent, rate as to the old rate. Thej' are in no respect inconsistent with a lower rate of interest than seven per cent, and everj' portion of the act is operative without application to the nsurj' provisions." In a subsequent opinion, the same authority says: "The new act cannot, bj' anj' possibility, af¬ fect loans made or contracts entered into prior to Juue 20, 1S7'J—the day the act passed—no matter how loug the loan or "contract may run after Jan¬ uary 1, ISSO. In all such cases tlio rights and ob¬ ligations of the parties were fixeil, and are pro¬ tected bj' the Federal constitution. The Legislature has no power to pass a law im¬ pairing the obligation of contracts.—(U. S. Const., art. 1. § 10.) The lawful rate of interest until Januarj' 1st next is seven per cent. All loans ami other con¬ tracts made between June 20th and Januarj' 1st maj', therefore, la%vfullj' provide for the pay¬ ment of seven per cent, interest, anil tho con¬ tract being lawful when made, would seem to fall as fullj' under the protection of the Federal consti- tiiti" n as contracts in existence when the law was passed." MORTOaHE FnRKI'LO.SlIRE—TENDElt l)V J'AY.MENT. The Court tif Common Pleas has decided that, where suit is luonght to foreclose a mortgage for noi.-paj'ment of interest, an offer to pay the in¬ terest "and (!0st.s of the suit iieforo the time to answer iu the suit expires is insufficient. The moncj' should be paid into court. The court will, however, interfere in a case where the mortgagee does anything to prevent the mortgagor from.